Economy Unit 1
What is the importance of Karl Max and Friedrich Engels?
Capitalism was flawed and that society will only improve when the workers take control of the economy.
What was one of the first departments of the early American government?
Department of state.
Concepts of the market economic system stem from which movement?
Enlightenment.
The economy going from the trough to the peak is said to be in a state of...
Expansion.
Which government agency deals most directly with consumers and their rights and protection?
Federal Trade Commission.
What is the purpose of interest?
For the lender to make money.
GDP stands for...
Gross domestic product.
What aspect of government spending was recently increased greatly in the spring of 2010?
Health care spending.
What led people to describe the first constitution the "Articles of Confusion"?
It did not give the government power.
A country's GDP economic peak is followed by...
Recession.
What country's collapse greatly altered US military spending?
Russia.
What war and the susequent agricultural surplus created the 1857 depression?
The Crimean war.
Andrew Jackson caused a depression for Martin Van Buren during fight with...
The bank of the United States.
The concept of "double coincidence of wants" is the instrumental part of...
The barter system.
Fluctuations along a country's GDP line is known as...
The business cycle.
One of the leading opponents to Alexander Hamilton's request for a national bank was...
Thomas Jefferson.
Economically, the government divides its earning marks into quarters, or every...
Three months.
What is the biggest responsibility a consumer has?
To educate themselves on the product.
The lowest period for a country's GDP is called...
Trough.
Which country or region best examplifies a traditional economy?
Amazon Rain Forest of South America.
Credit refers to...
A consumer's records of going in and out of debt.
One of the major causes of the economic downturn of 1819 was...
A wave of overspeculation in the western frontier territories.
Which philosopher is most associated with the market economy?
Adam Smith.
What segment of the US society represents a threat to the social security system?
Baby boom generation.
Transactions in a traditional economy are typically done with...
Barter.
In 2010, what country owned a large portion of US debt?
China.
What portion of the US spending takes up the largest percentage of the 2010 budget?
Military defense.
The things you miss out on when you decide to spend your money on something else.
Opportunity cost.
What was Hamilton's economic plan?
Passage of tariff, tax on alcohol, creation of bank, paying off all debt plus interest.
When a shopper makes a rational choice, he or she...
Picks the item that represents the greatest value.
The depression of 1893 was directly responsible for the growing popularity of the...
Populist party.
In order for a country's economic condition to be considered a recession, the economy and GDP must be in decline for...
Six months.
The inventors of the mixed economic system came from...
The United Kingdom.
After the great depression Europe refused to trade as much with us because of...
The high tariffs passed by the US congress.
Those suffering from the 1873 depression pushed for...
The reissue of greenback dollars from the civil war.
John F. Kennedy's speech included...
The right to choose, safety, and informed.